Healthcare technology company Medtronic will partner with Cosmo Pharmaceuticals' medical device business unit to expand the use of artificial intelligence.
The partnership will build off of the AI-powered GI Genius endoscopy module. Through the agreement, Medtronic will pay Cosmo $100 million up front, royalty on net sales and potential milestone payments, according to a Dec. 11 Medtronic news release.
According to Medtronic, the GI Genius module increased adenoma detection rate by 14%. The most recent partnership will also focus on the further development of AI Access, a platform designed to host multiple AI applications.
"The GI Genius module, our first FDA-cleared AI product in gastrointestinal care, represents the initial milestone of this collaboration," Ken Washington, chief technology officer at Medtronic, said in the news release. "However, the AI Access platform is where our partnership truly crystallizes our vision for healthcare transformation; it's a springboard for expanding Medtronic's AI's potential in healthcare."